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USDA RURAL DEVELOPMENT

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New Member

Re: USDA RURAL DEVELOPMENT

I FINALLY GOT A ANSWER FROM THE RURAL DEVELOPMENT SPECIALIST. SHE SAID THAT I AM PRE-APPROVED FOR $140,000 WICH IS MORE THAN I ORIGINALLY APPLIED FOR. BUT I DONT UNDERSTAND HOW IM PRE-APPROVED. DOES THIS MEAN THAT IAM APPROVED FOR FOR A BIGGER LOAN?  DID I GET THE FINAL YES TO THE LOAN?
Message 61 of 86
Member

Re: USDA RURAL DEVELOPMENT

Hi Carol..CONGRATULATIONSSSS!!!! My guess would be that it would depend on the property, like location, repairs, appraisal. Since I had the home picked out they had to make sure that it was located on/near a state maintained road, location, value, underground septic, etc. If you have found one lower that 140,000 go for it, because that could roll ur what you have left from the 140,000 (if you found a house lower) to pay for your closing fees. I will see what I can find on the preapproval stage for you.

 

 

Message 62 of 86
Member

Re: USDA RURAL DEVELOPMENT

 

Below is the information on the pre-qual stage, and what it means:

 

http://www.rurdev.usda.gov/regs/handbook/hb-1-3550/1chap03.pdf

 

 

Message 63 of 86
New Member

Re: USDA RURAL DEVELOPMENT

thank you so much for all the info you have given me, i talked to the specialist today and she said that she would be sending some sort of packet(book) that i have to sign. i wanted to ask you a final question how long does it usually take for them to give me a closing date?
Message 64 of 86
Member

Re: USDA RURAL DEVELOPMENT

Hi Carol,

 

even though I had a closing date contracted or set, the closing date could not happen until USDA received all the information to process.  So, I will probably depend on when they will go out and inspect, get the appraisal done, survey etc. there are things that they have to have to move forward in each process that is in the handbook, it is best to cut out worry for ourselves (i was worried), to just go through the handbook for the process..meaning the things that the underwriter collects before sending the file off to funding and then the closing agent for USDA. Even though you have a closing attorney, USDA has there own closing agent who sends your closing packet to your closing attorney. If I didn't answer your question let me know.

Message 65 of 86
New Member

Re: USDA RURAL DEVELOPMENT

I JUST GOT APPRVED FOR RURAL DEVELOPMENT DIRECT LOAN. I HAVE RECIVED THE ELGIBILTY CERTIFICATE FROM RURAL  DEVELOPMENT IN THE MAIL. THE HOUSE THAT IM WANTING TO PURCHASE IS RURAL DEVELOPMENT QUALIFIED AND IS ALSO GETTING BUILT AT THIS TIME. DOES ANYONE KNOW WHEN I SHOULD BE GETTING A CLOSING DATE? IS THERE ANYTHING THAT CAN STOP ME FROM GETTING THE HOUSE?
Message 66 of 86
Member

Re: USDA RURAL DEVELOPMENT

CONGRATULATION!!!! JNAVA!!!! the below info may help:

 

Loan Approval and Closing

http://www.rurdev.usda.gov/regs/handbook/hb-1-3550/1chap08.pdf

 

Property Requirements

http://www.rurdev.usda.gov/regs/handbook/hb-1-3550/1chap05.pdf

 

Rural Development Handbook

http://www.rurdev.usda.gov/regs/hblist.html#hb1

Message 67 of 86
Established Contributor

Re: USDA RURAL DEVELOPMENT


@Jacinta wrote:

Text Version Home State Map USDA FSA NRCS RD Complete Office Listing Serving TRAVIS County, Texas Service Centers In Your County

AUSTIN SERVICE CENTER 1106 CLAYTON LN STE 210E AUSTIN, TX 78723-1080 (512) 459-1623 (512) 459-9073 fax Farm Service Agency Natural Resources Conservation Service Service Centers In Other Counties

 

GEORGETOWN SERVICE CENTER 1100 MARTIN LUTHER KING BLVD GEORGETOWN, TX 78627 (512) 863-8576 Rural Development


 

Great information Jacinta. The Georgetown center is a hop ,skip and jump from me. I'm planning on beginning the process sometime this year. ( I hope)
Message 68 of 86
Member

Re: USDA RURAL DEVELOPMENT

CONGRATULATIONS!!!!
Message 69 of 86
New Member

Re: USDA RURAL DEVELOPMENT

JASCINTA THANK YOU FOR THESE HELPFUL LINKS. BUT I HAVE A QUESTION FOR YOU?  I SAW THAT AT THE TIME OF THE APPROVAL STAGE I WAS SUPPOSED TO RECIVE THE FORM RD 3550-7 BUT I HAVE NOT YET RECIVED THIS FORM, THE ONLY FORM I HAVE THAT RD SENT ME IS THE FORM

RD 1944-59(CERTIFICATE OF ELIGIBILITY)... WHATS GOING ON? DOES THIS MEAN THAT IM NOT APPROVED YET?

Message 70 of 86
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